Delaware State Housing Authority presents Agenda Delaware State

Delaware State Housing Authority presents

Agenda • • Delaware State Housing Authority (DSHA) Home Ownership Products Development of Live Near Your Work Eligibility Criteria Partnerships Administration of Program Summary

Delaware State Housing Authority (DSHA) • State Housing Finance Agency • Director - Member of Governor’s Cabinet • Statewide Resources for Home Ownership and Rental Affordable Housing

Home Ownership Products • • First Time Home Buyer Mortgage Loans Housing Rehabilitation Loans Foreclosure Prevention Loans Down Payment & Settlement Assistance – 2 nd Mortgage Product – Assisted Grant – Live Near Your Work • $3, 000 grant toward closing costs of home within 3 miles of employment.

Development of Live Near Your Work • Livable Delaware Initiative • Joint commitment and partnership with: – Employers – Jurisdictions – Lenders – Delaware State Housing Authority • Win – Win - Win

Participating Employers • Aloysius, Butler, & Clark • Perdue Farms, Inc. • Aramark (Wesley College) • Seawatch International • City of Milford • St. Francis Hospital • City of Wilmington • Town of Milford • Dover Housing Authority • Town of Georgetown • Horizon House, Inc. • University of Delaware • LACC • Wesley College • Mona Lisa Restaurant • West End Neighborhood House • Neighborhood House, Inc. • West Side Health, Inc. • PATS, Inc. • Wilmington Friends School

Household Income Property Location Income Limit New Castle County • 1 to 2 Person Households • 3 or More Person Households $77, 800 $89, 470 Kent & Sussex Counties • 1 to 2 Person Households • 3 or More Person Households $70, 800 $81, 420

Property Eligibility • Location in designated LNYW area – 3 mile radius from the employer – Livable Delaware boundaries • Purchase Price Limits – New Castle County: – Kent County – Sussex County • 1 –Unit Properties Only $366, 990 $328, 762 $327, 670

LNYW -Jurisdictions Jurisdiction Contribution Town of Georgetown Up to $2, 000 City of Wilmington $1, 000 City of Milford $1, 000

HUD-Approved Housing Counseling Agencies – First State Community Action Agency – Hockessin Community Center – HOND – Interfaith Community Housing Delaware – NCALL Research – Neighborhood House – West End Neighborhood House – YWCA Delaware

Summary • Best Practices – Eco- Friendly Promotion – Unique Product for Targeted Marketing by Realtors and Lenders. – Minimal & Controlled Financial Investment – Identify Natural Partners • Challenges – Economy & Real Estate Market – Home Buyers’ Preferences

CONTACT INFORMATION Cynthia Karnai Director of Housing Finance cynthia@destatehousing. com 820 N. French Street, 10 th Floor Wilmington, DE 19801 Phone: 302. 577. 5001 FAX: 302. 577. 5021 www. De. State. Housing. com